Fire Strikes the Back Bay...Are You Protected?

Do you have insurance on your apartment or condo unit?

Nothing gets my attention more than turning on the evening news and seeing live shots from a news helicopter of smoke billowing from a Back Bay Brownstone.

My first thought is, did everyone get out safely and was anyone hurt?  How many families are affected and how will they manage?

The recent fire at 483 Beacon Street affected the lives of approximately 174 residents in the 69 unit building.  How many of these people had adequate insurance or better yet, any insurance at all?

3 Thoughts to consider...

1.  Personal Belongings

Take a moment to look around a room at everything you own.  At first, you may think that you don't own much, but in reality the average person has over $50,000 worth of personal belongings.  Jewelry, paintings, clothes, shoes, televisions, computers, the list goes on.  Replacing these items in the event of a total loss would be outrageous.

2.  Extra Expenses and Mortgage

The cost of living itself is expensive, think about having to pay for hotels, taxis, and meals if you had to live someplace else.  Not only that, payments on your mortgage would still need to be paid, in addition to these extra expenses.

3.  Legal Fees  

Imagine if you were the one that accidentally caused the fire.  Having to pay for an attorney to defend yourself would cost a fortune.

So here's how to protect yourself and your personal belongings...

A 'contents policy' is an effective way to protect yourself against loss caused by fire, theft, and explosion, just to name a few.  Often, policies with minimum levels of coverage can be purchased for as little as $200 per year! 

Our team at Murphy and Jordan is here to help ensure that you are protected if catastrophe strikes your building.

Comments

[James Morgan - Puritan Financial Advisor]

Nothing gets my attention more than turning on the evening news and seeing live shots from a news helicopter of smoke billowing from a Back Bay Brownstone.